President Trump signaled openness to governments clamoring to escape steep U.S. tariffs, even as he and advisers believe achieving accords with dozens of nations could involve months of tough discussions.
"We're going to get fair deals and good deals with everybody. And if we don't, we're going to have nothing to do with them," the president said Monday. "They're not going to be allowed to participate in the United States."
Trump rejected a 90-day pause in tariffs set to take effect on Wednesday, a bit of rumor that briefly relieved agitated financial markets before it was promptly dismissed by the White House as fiction. The president was in no mood to budge as he warned China that it faces another 50 percent in U.S. tariffs if it carries out promised retaliatory levies.
"If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th," the president posted on Truth Social. "Additionally, all talks with China concerning their requested meetings with us will be terminated!"
The New York Times analysis: China's Ministry of Commerce on Tuesday accused the United States of "blackmail" and said Beijing would "fight to the end." A devastating trade war between the two largest economies may be inevitable. It's a showdown with painful consequences that will be felt across the world.
Glimmers of Trump's receptiveness to future negotiations with trading partners triggered relief in major capitals. And battered world markets bounced back early Tuesday.
But U.S. investors, bankers, Trump-supporting corporate leaders and analysts question the tariff regime. Some CEOs believe the U.S. may already be in recession and warn that the administration's economic strategy is inflationary, will chill consumer confidence and block the Federal Reserve's runway for future rate cuts.
The Wall Street Journal and The Washington Post: Business titans broke their silence to criticize Trump's trade policies. Billionaire Elon Musk made weekend appeals to the president to reconsider.
The president shrugged off the precipitous meltdown in financial markets and risks of the economic slowdown, describing a period of short-term pain to be followed by what he describes as a future U.S. economic boom and fairer trade.
Trump sidestepped a reporter's question Monday after meeting at the White House with Israeli Prime Minister Benjamin Netanyahu about whether the U.S. would grant Israel relief from a new 17 percent reciprocal tariff. The prime minister came away empty-handed.
Treasury Secretary Scott Bessent said the president instructed him to negotiate with Japan after Trump spoke Monday with Prime Minister Shigeru Ishiba. "President Trump is going to be directly involved in those negotiations," the secretary told Fox Business.
The process of fielding entreaties from "50, 60, maybe almost 70 countries" will take time, Bessent added, because discussions will involve tariff barriers, non-tariff trade barriers, assertions by the U.S. of currency manipulation, and whether countries have wage or industrial subsidies. "So, it's going to be a busy April, May, maybe into June," he continued.
▪ The New York Times: Global leaders rush to woo Trump, hoping to sway him on tariffs.
▪ The New York Times: European Union officials said Monday they will vote on a list of potential retaliatory tariffs this week. European Commission President Ursula von der Leyen said the EU is willing to take a "zero-for-zero" approach to products including cars, which would jettison tariffs if the United States did the same. Trump's response: "Not enough."
The U.S. initially suggested there would be no exemptions to Trump's tariffs, but the government published a list of carve-outs last week.
▪ The Hill's Niall Stanage in The Memo: Trump under pressure on tariffs as Dow sinks again.
On Capitol Hill, farm-state Republicans in Congress are rattled about what they say is the lack of a clear off-ramp for Trump's trade war. They fear losing lucrative markets for wheat, corn, soybeans, pork and other domestic products. They're also nervously eyeing Trump's sagging job approval when it comes to handling the economy.
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